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The Johan Sverdrup Oil Field development has been given the green light and major contracts have been awarded. Johan Sverdrup is among the largest oil fields on the Norwegian shelf, and will at peak contribute with 25% of the production from the Norwegian shelf.

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Esso Highlands Limited, a subsidiary of Exxon Mobil Corporation (NYSE:XOM) and operator of the PNG LNG Project, today announced that the Project participants have finalized a Sale and Purchase Agreement with Osaka Gas Co., Ltd. for the long-term sale and purchase of liquefied natural gas (LNG) totaling approximately 1.5 million tonnes per annum (MTA).

The agreement is effective for a 20-year period.

This is a major step towards the realisation of the project, which will be a major investment for Papua New Guinea.

The PNG LNG co-venturers recently announced approval to proceed with the development of the Project pending completion of all sales and purchase agreements with LNG customers and finalization of financing arrangements with lenders.

We know that Exxon is bullish on Natural Gas, their recent acquistion proved that once again. Demand for the cleanest of fossil fuels is set to continue its rapid growth, and Big Oil is spending eye watering sums of money to become Big Gas.